Large redevelopment project in Trenton set to break ground next year

Trenton Mayor Eric Jackson presents his vision for the city to the Princeton Regional Chamber of Commerce

A River Line train passes in front of an area known a Block 3, on Rt 129 at the intersection of Hamilton Ave, left. Ground is expected to be broken in spring 2015 to develop the property for mixed use and was mentioned by Trenton Mayor Eric Jackson when he presented his vision for the city to the Princeton Regional Chamber of Commerce at a breakfast meeting at the Wyndham Garden Trenton at 1 W. Lafayette St. on Tuesday, Sept. 30, 2014. (Michael Mancuso | Times of Trenton)

TRENTON -- The large abandoned building at the corner of Hamilton Avenue and Route 129 in Trenton has lingered as an icon of the bygone era when the city's powerhouse was manufacturing. But soon, the vision to transform that building into a mixed use space with residential lofts, office space and restaurants may be moving forward.

“We are hoping to break ground early 2015,” said David Henderson, a Trenton resident and partner in HHG.

HHG hopes to begin working to transform the busy corner, which sits along New Jersey Transit’s River Line, in the spring but that is contingent on the final passage of changes to the New Jersey Economic Opportunity Act of 2013 and the consideration of the firm’s application with the state Economic Development Agency where they are seeking to be granted incentives for the redevelopment project. The amendments to the law were approved this week by the state Assembly but still have to be approved by the state Senate.

The law gives special incentives for development and job creation in Trenton. Henderson has said those incentives will make the $58 million project economically feasible.

As planned, the project would include 450,000 square feet of mixed-use space including 200,000 square feet of office space; 190 residential lofts; and 37,000 square feet of restaurant space.

Mayor Eric Jackson touted the project as a "game changer" for the city with the promise to bring jobs and spur other economic vitality in the area.

“It is an incredible project,” Jackson said following a speech before the Princeton Regional Chamber of Commerce Tuesday morning where he touted the project.

“It is really more than just a project,” Jackson said. “It is going to be the cornerstone project for us. It really will be. It has the potential to be.”

Jackson said the reason the project is so important is because it is very large and hopes to appeal to a younger generation.

Henderson said HHG has already been approved by the city for a local tax abatement and the application to receive state incentives for the development has been pending with the EDA for about 11 months while waiting on the changes to be made to the Economic Opportunity Act.

There was a typo in the law making it unusable for residential properties because it said to be eligible for incentives the projects must be completed and be move in ready by July 2015. The changes approved by the state Assembly change the date to July 2018. Other developers in the city have expressed an interest in applying for the same incentives.

Woodrose Properties is looking to use the incentives to help fund the building of a mixed-use building with 50 apartments on South Clinton Avneue where Pete Lorenzo’s Café once stood. Woodrose, a Lambertville-based real estate company, has built a parking lot on the property temporarily until the proper funding can be coordinated to move the project forward.

Former Sen. Robert Torricelli is a partner in the company. Torricelli was also a large donor to Jackson’s election campaign, giving the maximum $2,600 in both the regular and runoff election.